New Tax Break for Tipped Workers – See If Your Job Made the List

The U.S. Treasury Dept. has released a draft list of occupations it proposes to be eligible for a federal tax break on tips. The list contains 68 jobs, broken into eight categories: 1) beverage/food service, 2) entertainment/events, 3) hospitality / guest services, 4) home services, 5) personal services, 6) personal appearance / wellness, 7) recreation/instruction […]

New Rules for R&E Deductions Could Mean Big Savings – Are You Ready?

The One Big Beautiful Bill Act (OBBBA) reinstates immediate deductions for domestic research and experimental (R&E) costs beginning in 2025. The IRS has issued transitional guidance (Revenue Procedure 2025-28) on the change. Among many other things, the guidance explains the procedures for how, if you began to amortize R&E expenses in 2022, 2023 and/or 2024, […]

De Minimis Rule Repealed: New Duties Apply to Low-Value Imports

President Trump has removed the de minimis exemption on low-value trade items. In a nutshell, imported goods valued at $800 or less sent through the international postal network are now subject to applicable duties. As a result, 92% of all U.S. cargo shipments (and up to 4 million daily packages) have lost their duty-free status, […]

Participating = Responsibility: Key Takeaway from TC Memo 2025-91

Spouses filing joint tax returns are generally both liable for the tax owed. But sometimes a spouse may qualify for innocent spouse relief. In one case, a husband owned an insurance firm and his wife ran a small business. She helped their accountant prepare joint tax returns by supplying financial information and signing the returns. […]

Act soon: The OBBBA ends clean energy tax breaks

The newly enacted One, Big, Beautiful Bill Act (OBBBA) represents a major move by President Trump and congressional Republicans to roll back a number of clean energy tax incentives originally introduced or expanded under the Inflation Reduction Act (IRA). Below is a summary of the key individual tax credits that will soon be scaled back […]

Emergency Prep Isn’t Just for Storms — It’s for Your Tax Records Too

September is National Preparedness Month. The IRS is reminding taxpayers to develop an emergency preparedness plan or to update their existing plan for 2025. This time of year is the peak season for extreme weather events, such as hurricanes and flash floods. So it’s in your best interest to have a plan for your home […]

OBBBA Is Law — But Will Your State Play Along?

The One Big Beautiful Bill Act (OBBBA), signed into law in July 2025, doesn’t only affect taxpayers at the federal level. It also affects them at the state level, depending on the extent to which a taxpayer’s state conforms with federal tax law. There generally are three degrees of conformity: 1) rolling conformity, which automatically […]

Saving for Disability Expenses? ABLE Account Rules Just Got Better

Achieving a Better Life Experience (ABLE) accounts offer a tax-advantaged way to fund qualified disability expenses for a beneficiary who became blind or disabled before age 26 (increasing to age 46 in 2026). There’s no tax deduction for contributions, but funds can grow tax-deferred and distributions for qualified expenses are tax-free. The One Big Beautiful […]

IRS Previews 2026 W-2: Big Changes for Employers Ahead

The IRS has published draft versions of Forms W-2 and W-2c for the 2026 tax year. The revised forms introduce new reporting requirements aligned with the One Big Beautiful Bill Act’s (OBBBA’s) new deductions for tips and overtime. For 2025 through 2028, the OBBBA creates a deduction of up to $25,000 for tip income in […]

⚡ Deadline Alert: Lock in Your EV Tax Credit by Sept. 30!

The cutoff date to take advantage of the $7,500 tax credit for purchasing or leasing a new electric vehicle (EV) or $4,000 credit for buying a used one is fast approaching: Sept. 30, 2025. Just in time, the IRS has issued guidance on the new, used and commercial clean vehicle credits (Sections 30D, 25E and […]